Parametric Portfolio Associates LLC reduced its position in Franklin Resources, Inc. (NYSE:BEN) by 13.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,140,157 shares of the closed-end fund’s stock after selling 174,502 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in Franklin Resources were worth $32,905,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of BEN. Poehling Capital Management LLC boosted its stake in shares of Franklin Resources by 4.9% in the 2nd quarter. Poehling Capital Management LLC now owns 7,583 shares of the closed-end fund’s stock valued at $264,000 after purchasing an additional 355 shares in the last quarter. Wedbush Securities Inc. raised its position in Franklin Resources by 3.1% in the 2nd quarter. Wedbush Securities Inc. now owns 13,505 shares of the closed-end fund’s stock worth $470,000 after purchasing an additional 400 shares during the period. First Midwest Bank Trust Division raised its position in Franklin Resources by 4.5% in the 3rd quarter. First Midwest Bank Trust Division now owns 10,287 shares of the closed-end fund’s stock worth $297,000 after purchasing an additional 441 shares during the period. Angeles Investment Advisors LLC lifted its stake in Franklin Resources by 4.7% in the third quarter. Angeles Investment Advisors LLC now owns 10,362 shares of the closed-end fund’s stock worth $299,000 after purchasing an additional 463 shares during the last quarter. Finally, Advisory Services Network LLC lifted its stake in Franklin Resources by 232.6% in the second quarter. Advisory Services Network LLC now owns 725 shares of the closed-end fund’s stock worth $25,000 after purchasing an additional 507 shares during the last quarter. Hedge funds and other institutional investors own 48.67% of the company’s stock.
Several research firms have issued reports on BEN. Deutsche Bank reduced their price objective on Franklin Resources from $31.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Morgan Stanley decreased their price objective on Franklin Resources from $31.00 to $28.00 and set an “underweight” rating on the stock in a report on Tuesday, October 8th. TheStreet lowered Franklin Resources from a “b-” rating to a “c+” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. upgraded Franklin Resources from an “underweight” rating to a “neutral” rating and set a $32.00 target price for the company in a report on Thursday, September 12th. Finally, Barclays restated a “sell” rating and set a $24.00 price target on shares of Franklin Resources in a research report on Wednesday, October 9th. Seven analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $28.92.
Shares of BEN opened at $26.98 on Tuesday. The stock has a market capitalization of $13.69 billion, a P/E ratio of 10.91, a PEG ratio of 1.51 and a beta of 1.21. Franklin Resources, Inc. has a twelve month low of $25.57 and a twelve month high of $35.82. The company has a quick ratio of 2.96, a current ratio of 2.96 and a debt-to-equity ratio of 0.07. The firm has a fifty day simple moving average of $27.73 and a two-hundred day simple moving average of $30.33.
Franklin Resources (NYSE:BEN) last released its quarterly earnings data on Friday, October 25th. The closed-end fund reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.03). The firm had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Franklin Resources had a net margin of 20.71% and a return on equity of 12.28%. Franklin Resources’s revenue was down 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.96 EPS. Sell-side analysts expect that Franklin Resources, Inc. will post 2.6 EPS for the current fiscal year.
In related news, EVP Craig Steven Tyle sold 5,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $27.57, for a total value of $137,850.00. Following the sale, the executive vice president now directly owns 113,793 shares of the company’s stock, valued at $3,137,273.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 23.90% of the stock is owned by company insiders.
Franklin Resources Profile
Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.
See Also: What factors cause inflation to rise?
Want to see what other hedge funds are holding BEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franklin Resources, Inc. (NYSE:BEN).
Receive News & Ratings for Franklin Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin Resources and related companies with MarketBeat.com's FREE daily email newsletter.